Stove Kraft Limited, one of the leading brands for kitchen appliances in India, has decided to launch its initial public offering (IPO) for subscription on January 25.
Notably, Stove Kraft would be the fourth company to open an IPO in the month of January, after Indian Railway Finance Corporation which closed on January 20, Indigo Paints, which remains open for bidding, and Home First Finance Company, which opens today.
Stove Kraft on Thursday said it has fixed a price band of Rs 384-385 a share for its initial public offer (IPO), which will open for subscription on January 25. Stove Kraft's initial share-sale offer comprises a fresh issue of equity shares aggregating up to Rs 95 crore and an offer for sale of up to 82.50 lakh equity shares.
The offer for sale comprises up to 6,90,700 shares by promoter Rajendra Gandhi; up to 59,300 shares by promoter Sunita Rajendra Gandhi; up to 14,92,080 shares by Sequoia Capital India Growth Investment Holdings and up to 6,007,920 shares by SCI Growth Investments II. At the upper end of the price band, the initial public offer (IPO) is expected to fetch Rs 412.62 crore.
Promoters Rajendra Gandhi and Sunita Rajendra Gandhi, currently, hold 1,84,43,919 equity shares, representing 61.31 pc of the pre-offer paid-up equity capital of the company.